Credit Unions:Written question - 130182

Asked by Gareth Thomas
(Harrow West)

Named Day

'Named day' questions only occur in the House of Commons. The MP tabling the question specifies the date on which they should receive an answer. MPs may not table more than five named day questions on a single day.

Asked on: 27 February 2018
HM Treasury
Credit Unions
To ask Mr Chancellor of the Exchequer, if he will make an assessment of the effectiveness of credit union legislation; and if he will make a statement.
Answered by: John Glen
Answered on: 05 March 2018

Government engages closely with representatives of the credit union sector to understand how credit unions may best be supported, including ongoing consideration of their legislative framework.

For example, in 2014 Government conducted a Call for Evidence (‘British Credit Unions at 50’) on credit unions. Several respondents asked for changes to the legislation governing credit unions, and in its response, Government committed to actively consider legislative changes in the next Parliament. At Autumn Budget 2017, Government committed to raising the geographical common bond limit for credit unions from 2 to 3 million. This change will come into effect from April 2018.

All changes to credit union legislation must be considered alongside the need to maintain an appropriate regulatory regime for credit unions. A looser legislative framework would likely require increased regulation which might be inappropriate for small, community based institutions.

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